Third Point's Loeb looking to take insurance firm SiriusPoint private (updated)

SiriusPoint

12/04/2023 14:35

(Adds details from filing, shares)
       April 12 (Reuters) - Activist investor Daniel Loeb is
looking to take insurance firm SiriusPoint Ltd  SPNT.N  private,
the founder of hedge fund Third Point said in a regulatory
filing, sending the shares of the company up 13% in early
trading on Wednesday.
   The billionaire investor, who owns a 9.34% stake, said while
he has "full confidence" in the company's plan to strengthen its
balance sheet by de-risking its investment portfolio, it will be
better positioned for a turnaround as a privately held company.
    The potential deal for the $1.4-billion company comes as the
insurance sector is seeing increased interest from fund managers
and private equity firms as they shift towards defensive
business models that do better during economic uncertainties.
        

 (Reporting by Manya Saini in Bengaluru; Editing by Arun Koyyur)
 ((Manya.Saini@thomsonreuters.com;))